*Load Data
use "C:\Users\Thomas\Desktop\board_liquidity_pseudodata.dta", clear

*Code to generate variable firstreform
*gen firstreform=0
*replace firstreform=1 if country=="ARG"&fyear>2001
*replace firstreform=1 if country=="AUS"&fyear>2003
*replace firstreform=1 if country=="AUT"&fyear>2002
*replace firstreform=1 if country=="BEL"&fyear>1998
*replace firstreform=1 if country=="BRA"&fyear>2002
*replace firstreform=1 if country=="CAN"&fyear>2004
*replace firstreform=1 if country=="CHN"&fyear>2001
*replace firstreform=1 if country=="COL"&fyear>2001
*replace firstreform=1 if country=="DNK"&fyear>2001
*replace firstreform=1 if country=="EGY"&fyear>2002
*replace firstreform=1 if country=="FIN"&fyear>2003
*replace firstreform=1 if country=="FRA"&fyear>2001
*replace firstreform=1 if country=="DEU"&fyear>2002
*replace firstreform=1 if country=="GRC"&fyear>1999
*replace firstreform=1 if country=="HKG"&fyear>2005
*replace firstreform=1 if country=="HUN"&fyear>2003
*replace firstreform=1 if country=="IND"&fyear>1998
*replace firstreform=1 if country=="IDN"&fyear>2000
*replace firstreform=1 if country=="ISR"&fyear>2000
*replace firstreform=1 if country=="ITA"&fyear>2006
*replace firstreform=1 if country=="JPN"&fyear>2002
*replace firstreform=1 if country=="MYS"&fyear>2001
*replace firstreform=1 if country=="MEX"&fyear>1999
*replace firstreform=1 if country=="NLD"&fyear>1997
*replace firstreform=1 if country=="NOR"&fyear>2005
*replace firstreform=1 if country=="PER"&fyear>2002
*replace firstreform=1 if country=="PHL"&fyear>2002
*replace firstreform=1 if country=="POL"&fyear>2002
*replace firstreform=1 if country=="PRT"&fyear>1999
*replace firstreform=1 if country=="SGP"&fyear>2003
*replace firstreform=1 if country=="KOR"&fyear>1999
*replace firstreform=1 if country=="ESP"&fyear>1998
*replace firstreform=1 if country=="SWE"&fyear>2005
*replace firstreform=1 if country=="CHE"&fyear>2002
*replace firstreform=1 if country=="THA"&fyear>2002
*replace firstreform=1 if country=="TUR"&fyear>1999
*replace firstreform=1 if country=="USA"&fyear>2003

*Code to generate variable baselinesamplen5p5
*gen baselinesamplen5p5=0
*replace baselinesamplen5p5=1 if country=="ARG"&fyear!=2001&fyear>=1996&fyear<=2006
*replace baselinesamplen5p5=1 if country=="AUS"&fyear!=2003&fyear>=1998&fyear<=2008
*replace baselinesamplen5p5=1 if country=="AUT"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="BEL"&fyear!=1998&fyear>=1993&fyear<=2003
*replace baselinesamplen5p5=1 if country=="BRA"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="CAN"&fyear!=2004&fyear>=1999&fyear<=2009
*replace baselinesamplen5p5=1 if country=="CHN"&fyear!=2001&fyear>=1996&fyear<=2006
*replace baselinesamplen5p5=1 if country=="COL"&fyear!=2001&fyear>=1996&fyear<=2006
*replace baselinesamplen5p5=1 if country=="DNK"&fyear!=2001&fyear>=1996&fyear<=2006
*replace baselinesamplen5p5=1 if country=="EGY"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="FIN"&fyear!=2003&fyear>=1998&fyear<=2008
*replace baselinesamplen5p5=1 if country=="FRA"&fyear!=2001&fyear>=1996&fyear<=2006
*replace baselinesamplen5p5=1 if country=="DEU"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="GRC"&fyear!=1999&fyear>=1994&fyear<=2004
*replace baselinesamplen5p5=1 if country=="HKG"&fyear!=2005&fyear>=2000&fyear<=2010
*replace baselinesamplen5p5=1 if country=="HUN"&fyear!=2003&fyear>=1998&fyear<=2008
*replace baselinesamplen5p5=1 if country=="IND"&fyear!=1998&fyear>=1993&fyear<=2003
*replace baselinesamplen5p5=1 if country=="IDN"&fyear!=2000&fyear>=1995&fyear<=2005
*replace baselinesamplen5p5=1 if country=="ISR"&fyear!=2000&fyear>=1995&fyear<=2005
*replace baselinesamplen5p5=1 if country=="ITA"&fyear!=2006&fyear>=2001&fyear<=2011
*replace baselinesamplen5p5=1 if country=="JPN"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="MYS"&fyear!=2001&fyear>=1996&fyear<=2006
*replace baselinesamplen5p5=1 if country=="MEX"&fyear!=1999&fyear>=1994&fyear<=2004
*replace baselinesamplen5p5=1 if country=="NLD"&fyear!=1997&fyear>=1992&fyear<=2002
*replace baselinesamplen5p5=1 if country=="NOR"&fyear!=2005&fyear>=2000&fyear<=2010
*replace baselinesamplen5p5=1 if country=="PER"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="PHL"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="POL"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="PRT"&fyear!=1999&fyear>=1994&fyear<=2004
*replace baselinesamplen5p5=1 if country=="SGP"&fyear!=2003&fyear>=1998&fyear<=2008
*replace baselinesamplen5p5=1 if country=="KOR"&fyear!=1999&fyear>=1994&fyear<=2004
*replace baselinesamplen5p5=1 if country=="ESP"&fyear!=1998&fyear>=1993&fyear<=2003
*replace baselinesamplen5p5=1 if country=="SWE"&fyear!=2005&fyear>=2000&fyear<=2010
*replace baselinesamplen5p5=1 if country=="CHE"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="THA"&fyear!=2002&fyear>=1997&fyear<=2007
*replace baselinesamplen5p5=1 if country=="TUR"&fyear!=1999&fyear>=1994&fyear<=2004
*replace baselinesamplen5p5=1 if country=="USA"&fyear!=2003&fyear>=1998&fyear<=2008

*Table 1
estpost tabulate country if baselinesamplen5p5==1
estimates store m1
duplicates drop gvkey if baselinesamplen5p5==1, force
estpost tabulate country if baselinesamplen5p5==1
estimates store m2
esttab m1 m2 using C:\Users\Thomas\Desktop\Board_Liquidity\Result1.csv,nogap replace

*Table 2 
use "C:\Users\Thomas\Desktop\board_liquidity_pseudodata.dta", clear
estpost tabstat lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, listwise statistics(mean sd p25 p50 p75) columns(statistics) 
esttab using C:\Users\Thomas\Desktop\Board_Liquidity\Result2.csv, replace cells("mean sd p25 p50 p75") 

*Table 3
reghdfe lnespread firstreform if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\Result3.csv, keep(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 4
reghdfe lnespread firstreformn2 firstreformn1 firstreformp1 firstreformp2plus lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreformn2 firstreformn1 firstreform0 firstreformp1 firstreformp2plus lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesample0n5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
esttab m1 m2 using C:\Users\Thomas\Desktop\Board_Liquidity\Result4.csv, keep(firstreformn2 firstreformn1 firstreform0 firstreformp1 firstreformp2plus lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreformn2 firstreformn1 firstreform0 firstreformp1 firstreformp2plus lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 5a
reghdfe lnespread placeboreformn4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread placeboreformn3 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread placeboreformn2 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol, absorb(gvkey fyear) cluster(country)
estimates store m3
reghdfe lnespread placeboreformp2 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol, absorb(gvkey fyear) cluster(country)
estimates store m4
reghdfe lnespread placeboreformp3 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol, absorb(gvkey fyear) cluster(country)
estimates store m5
reghdfe lnespread placeboreformp4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol, absorb(gvkey fyear) cluster(country)
estimates store m6
esttab m1 m2 m3 m4 m5 m6 using C:\Users\Thomas\Desktop\Board_Liquidity\Result5a.csv, keep(placeboreformn4 placeboreformn3 placeboreformn2 placeboreformp2 placeboreformp3 placeboreformp4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(placeboreformn4 placeboreformn3 placeboreformn2 placebop1 placeboreformp2 placeboreformp3 placeboreformp4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 5b
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1&baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread placeboreformn4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread placeboreformn3 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1, absorb(gvkey fyear) cluster(country)
estimates store m3
reghdfe lnespread placeboreformn2 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1, absorb(gvkey fyear) cluster(country)
estimates store m4
reghdfe lnespread placeboreformp2 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1, absorb(gvkey fyear) cluster(country)
estimates store m5
reghdfe lnespread placeboreformp3 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1, absorb(gvkey fyear) cluster(country)
estimates store m6
reghdfe lnespread placeboreformp4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if europe==1, absorb(gvkey fyear) cluster(country)
estimates store m7
esttab m1 m2 m3 m4 m5 m6 m7 using C:\Users\Thomas\Desktop\Board_Liquidity\Result5b.csv, keep(firstreform placeboreformn4 placeboreformn3 placeboreformn2 placeboreformp2 placeboreformp3 placeboreformp4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreform placeboreformn4 placeboreformn3 placeboreformn2 placebop1 placeboreformp2 placeboreformp3 placeboreformp4 lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 6
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi if baselinesamplen5p5==1&everyyear==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1&everyyear==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi if country!="PER"&country!="COL"&country!="HUN"&baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if country!="PER"&country!="COL"&country!="HUN"&baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m4
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi if bakeretalsample==1, absorb(gvkey fyear) cluster(country)
estimates store m5
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if bakeretalsample==1, absorb(gvkey fyear) cluster(country)
estimates store m6
reghdfe lnespread majorreform lngdp gdpgrowth stockmarketsize fdi if majorreformsamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m7
reghdfe lnespread majorreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding  booktomarket lnstockvol if majorreformsamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m8
reghdfe lnrspread firstreform lngdp gdpgrowth stockmarketsize fdi if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m9
reghdfe lnrspread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m10
reghdfe lnamihud firstreform lngdp gdpgrowth stockmarketsize fdi if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m11
reghdfe lnamihud firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m12
esttab m1 m2 m3 m4 m5 m6 m7 m8 m9 m10 m11 m12 using C:\Users\Thomas\Desktop\Board_Liquidity\Result6.csv, keep(firstreform majorreform lngdp gdpgrowth stockmarketsize fdi   lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreform majorreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 7
reghdfe lnespread firstreformindep lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreformaudit lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread firstreformceochair lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
reghdfe lnespread firstreformindep firstreformaudit firstreformceochair lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m4
esttab m1 m2 m3 m4 using C:\Users\Thomas\Desktop\Board_Liquidity\Result7.csv, keep(firstreformindep firstreformaudit firstreformceochair lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreformindep firstreformaudit firstreformceochair lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 8
reghdfe lnabsdacc firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lndispersion firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnivol firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\Result8.csv, keep(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 9
reghdfe lnespread firstreformhighdaccvol firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreformhighdispersion firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread firstreformhighivol firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\Result9.csv, keep(firstreformhighdaccvol firstreformhighdispersion firstreformhighivol firstreform  lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreformhighdaccvol firstreformhighdispersion firstreformhighivol firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 10
reghdfe lnespread firstreformlowrle firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreformlowcce firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe lnespread firstreformlowpve firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\Result10.csv, keep(firstreformlowrle firstreformlowcce firstreformlowpve firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreformlowrle firstreformlowcce firstreformlowpve firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Table 11a
duplicates drop country fyear, force
reghdfe stockvaluetraded firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust)
estimates store m1
reghdfe stockmarketsize firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust)
estimates store m2
reghdfe numipo firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust) 
estimates store m3
reghdfe numseo firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust)
estimates store m4
esttab m1 m2 m3 m4 using C:\Users\Thomas\Desktop\Board_Liquidity\Result11a.csv, keep(firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving) order(firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)
*Table 11b
reghdfe stockvaluetraded firstreformhighcountrylnespread firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust) 
estimates store m1
reghdfe stockmarketsize  firstreformhighcountrylnespread firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust)
estimates store m2
reghdfe numipo firstreformhighcountrylnespread firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust)
estimates store m3
reghdfe numseo firstreformhighcountrylnespread firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving if reform55country==1, absorb(country fyear) vce(robust)
estimates store m4
esttab m1 m2 m3 m4 using C:\Users\Thomas\Desktop\Board_Liquidity\Result11b.csv, keep(firstreformhighcountrylnespread firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving) order(firstreformhighcountrylnespread firstreform lngdp gdpgrowth fdi domesticcredittoprivatesector grosssaving) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Figure 1
use "C:\Users\Thomas\Desktop\board_liquidity_pseudodata.dta", clear
reghdfe lnespread firstreformn4 firstreformn3 firstreformn2 firstreformn1 firstreform0 firstreformp1 firstreformp2 firstreformp3plus lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesample0n5p5==1, absorb(gvkey fyear) cluster(country)
*We obtained the coefficient estimates and upper and lower confidence interval numbers and then manually copied and pasted the numbers into excel. Then we imported the excel file back into Stata to create the graph

*Appendix C
reghdfe lnespread firstreform if baselinesamplen5p5==1, absorb(gvkey sic2fyear) cluster(country)
estimates store m1
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi if baselinesamplen5p5==1, absorb(gvkey sic2fyear) cluster(country)
estimates store m2
reghdfe lnespread firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey sic2fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixC.csv, keep(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Appendix D
reghdfe lnespread firstreform  lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding tobinsq lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
esttab m1 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixD.csv, keep(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding tobinsq lnstockvol) order(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding tobinsq lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Appendix Ea
reghdfe dlnespread dfirstreform if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m1
reghdfe dlnespread dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m2
reghdfe dlnespread dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixEa.csv, keep(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) order(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)
*Appendix Eb
reghdfe dn1p2lnespread dfirstreform if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m1
reghdfe dn1p2lnespread dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m2
reghdfe dn1p2lnespread dfirstreform  dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixEb.csv, keep(dfirstreform  dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) order(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Appendix Fa
reghdfe dlnabsdacc dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m1
reghdfe dlndispersion dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m2
reghdfe dlnivol dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixFa.csv, keep(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) order(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)
*Appendix Fb
reghdfe dn1p1lnabsdacc dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m1
reghdfe dn1p1lndispersion dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m2
reghdfe dn1p1lnivol dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol if baselinesamplen5p5==1, absorb(fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixFb.csv, keep(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) order(dfirstreform dlngdp dgdpgrowth dstockmarketsize dfdi dlnmv droa dleverage dcashholding dbooktomarket dlnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)

*Appendix G
reghdfe nbr_firms firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m1
reghdfe ibh_5pct firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m2
reghdfe herf firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol if baselinesamplen5p5==1, absorb(gvkey fyear) cluster(country)
estimates store m3
esttab m1 m2 m3 using C:\Users\Thomas\Desktop\Board_Liquidity\ResultAppendixG.csv, keep(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) order(firstreform lngdp gdpgrowth stockmarketsize fdi lnmv roa leverage cashholding booktomarket lnstockvol) replace ar2 csv nogap star(* 0.10 ** 0.05 *** 0.01) b(3) t(3)
